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Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000
USD/JPY Price Long-term Trend: Bearish
The pair is facing rejection at level 102.00. USD/JPY was first rejected at level 104.00 as it fell to 103.71 low. Also, the Yen was repelled at the 50-day SMA as the pair resumes downward. The selling pressure will resume as soon as price breaks below the SMAs.
Daily Chart Indicators Reading:
Presently, the SMAs are sloping southward indicating the downtrend move. The index is at level 48 of the Relative Strength Index period 14. It indicates that the Yen is in the downtrend zone and below the centerline 50.
USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move as it was rejected twice Level 104.00. On January 22 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Yen will fall to level 2.618 Fibonacci extension level or level 102.12.
4-hour Chart Indicators Reading
The USD/JPY pair is currently below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The SMAs are sloping upward indicating the uptrend.
General Outlook for USD/JPY
USD/JPY is making a downward move after testing level 103.00. The market has fallen to the low of 103.62. The selling pressure will persist if it falls and breaks below level 103.32. The Fibonacci tool has indicated a low of level 102.12.
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